New product developments in molding compounds by the use of carbon fiber or long glass fiber is expected to provide market opportunities in displacing ceramics, metals and filled high-performance thermoplastic resin systems in applications where fuel efficiency and weight reduction play a vital role such as aircraft and industries. Molding materials that contain long fibers and carbon fibers are characterized by newly introduced phenolic reinforced structures that exhibit highmechanical strength and high impact strength at high temperatures for additional displacement of ceramics and metals.
Fiber-reinforced composites with phenolic resins is anticipated to flourish owing to increase in new aircraft by Airbus (787, A380, and A350) and Boeing. Theserequirecargo liners, aircraft interiors,light weight paneling, increased volume in honeycomb manufacture for aircraft and potential use of high-density phenolic foam as a replacement for balsa sandwich panels. Additionally, the development of carbon foam is anticipated to witness expansion into composite associated areas such as light weight paneling and tooling.
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Regional Insights
Asia Pacific emerged as the market leader in phenolic resins market on account of widespread use in construction applications and growing consumption of moulding compounds in India and China. China is a large phenolic resins marketand a significant consumer at a global level. Within North America, U.S. is one of the leading consumers in wood adhesive applications of phenolic resins. In addition, demand for thermal insulation productsis expected to be on a rise on account of the legislation implemented in various countries and regional associations for constructing energy efficient buildings. Further, growing use of composites in marine, mass transit and aerospace is anticipated to boost the phenolic resins market.
Competitive Insights
Key market players have expanded their manufacturing facilities to sufficethe growing demand. As an instance, in 2013, Ludwigshafen Verbund site had a new plant set up as a part of BASF modernization and expansion of production facility. Other majorparticipants in the market include Hitachi Chemical Co. Ltd., Georgia Pacific Chemicals LLC, Kolon Industries Inc., SI Group, Inc., Prefere Resins, DIC Corporation, Momentive Specialty Chemicals Inc., Sumitomo Bakelite Co. Ltd., Dujodwala Paper Chemicals Ltd., and Mitsui Chemicals Inc.
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